ASX 200 afternoon report: 28 March 2024
Find out below who have been the shakers and movers in today’s session on the ASX 200.
The ASX 200 trades 70 points (0.90%) higher at 7890 at 3.10pm AEDT.
The ASX 200 is poised to conclude the first quarter of 2024 at new record highs, securing a fifth consecutive month of gains, buoyed by a strong performance on Wall Street overnight.
Market gains and economic indicators
For the first quarter of 2024, the ASX 200 is expected to achieve a gain of 3.95%, while the ASX 200 Accumulation index, which accounts for dividends, is anticipated to finish the quarter up by approximately 4.30%—aligning closely with the Reserve Bank of Australia's (RBA) official cash rate.
Following yesterday's lower-than-expected inflation figures and today's modest 0.3% month-on-month increase in retail sales for February, the RBA's cash rate is projected to end the year nearer to 3.85%, enhancing the relative appeal of the Australian stock market.
The Taylor Swift effect on retail sales
Moreover, the increase in February's retail sales, which would have been just 0.1% month-on-month without the impact of Taylor Swift's seven sold-out concerts in Sydney and Melbourne boosting spending on fashion, accessories, and dining, underscores the influence of significant events on economic indicators.
ASX 200 stocks
Mining sector
- Mineral Resources: up 3.6% to $70.75
- BHP: up 1.95% to $44.52
- Fortescue: up 1.80% to $25.62
- Rio Tinto: up 1.42% to $122.65
Property sector
- GPT Group: up 2.56% to $4.60
- Charter Hall Group: up 2.19% to $13.78
- Stockland: up 2.10% to $4.86
- Mirvac: up 1.95% to $2.35
Energy sector
- Beach Energy: reached $1.88, settled at $1.83 (up 3.50%)
- AGL Energy: up 1.03% to $8.36
- Santos: up 0.71% to $7.76
- Woodside Petroleum: up 0.5% to $30.46
Financial sector
- Bank of Queensland: up 1.29% to $6.30
- Macquarie Group: up 0.88% to $199.67
- Bendigo and Adelaide Bank: up 0.80% to $10.16
- National Australia Bank (NAB): down 0.39% to $34.55
- Commonwealth Bank of Australia (CBA): down 0.13% to $119.85
- Westpac: down 0.10% to $25.98
- ANZ: down 0.7% to $29.25
ASX 200 technical analysis
Shaking off mid-March volatility, the ASX 200 reached a new record high today at 7901.3. As long as the ASX 200 stays above the uptrend support at 7700 (originating from the October low of 6751), we anticipate it will continue to rise, targeting 7950 to 8000 once trading resumes following the Easter long weekend.
ASX 200 daily chart
- Source: TradingView. The figures stated are as of 28 March 2024. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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